News > Residential

We are very pleased to announce that the rezoning of our newest residential project, Bankside, a vibrant new community in Rowville, has now been approved.

Over the past 3 years, Pask Group closely worked with Knox Council, State Government, local residents and a trusted consulting team on an application to rezone the Kingston Links Golf Course for ‘Residential Development’, following its designation as a ‘Strategic Investigation Site’ in the Knox Housing Strategy 2015.

In order to achieve the above outcome, we needed to first obtain preliminary support from Knox Council for an amendment to the current Knox Planning Scheme, then commence a formal application process, which required the team to address a series of key criteria relating to native vegetation, ecology, traffic as well as local and state infrastructure contributions.

Throughout this time, it was also paramount that the local Rowville community and other stakeholders were kept well informed of the process. This was addressed via a series of consultation sessions, which enabled all participants an opportunity to speak with Council, key members of the project’s consulting team and submit feedback, which assisted in shaping the final outcome.

Over 800 homes are planned for Bankside as well as two mixed use precincts and district sporting facilities. The rehabilitation of Corhanwarrabul Creek, together with the extensive open space network, linking the Creek precinct to the Stamford Park Wetlands, will provide convenient access for all residents to a unique community asset for the City of Knox.

We expect to commence the first stage of earthworks in the coming months and release the first stage to market in 2020.

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As reported on the Property Council of Australia’s website this week, the housing market is set to take off in the next 18 months, with Melbourne house prices expected to rise 9 per cent in 2014, a new report from research consultancy Macromonitor finds.

The price growth is expected to continue into the first half of 2015, too, with an anticipated 3 per cent increase in prices across the capital cities.

The report also states that nationally dwelling commencements will peak next year at about 180,000 – their highest level since 1994. In January, building approvals reached 17,514, which was the biggest monthly gain in 12 years.

The increase in national house prices is being driven by several factors, including population growth, strong local and foreign investor appetite and good conditions for owner-occupiers, such as low mortgage rates.